Avanti Residential Acquires Multifamily In Miami For $181M From The Estate Companies
SOLD
Florida
See Similar DealsMultiFamily
Sold 07/05/2022
SOLD
Avanti Residential Acquires Multifamily In Miami For $181M From The Estate Companies
218 Northwest 8th Street, Miami, Florida 33136, United States
See Similar DealsMultiFamily
Sold 07/05/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 218 NW 8th Street in Miami was recently sold for a staggering $181,000,000. The sale took place on 07/05/2022 and involved a total of 360 units, resulting in a per unit price of $502,778. The property spans an impressive 1 acre of land. Avanti Residential, represented by Christian Garner, acquired the property from The Estate Companies, represented by Jeffrey Ardizon & Robert Suris. The transaction was facilitated by Still Hunter of Walker & Dunlop.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $181,000,000
- Address: 218 NW 8th Street, Miami
- Market: Miami
- Units: 360
- Price Per Unit: $502,778
The buyer, Avanti Residential, was represented by Christian Garner. On the other hand, The Estate Companies, comprising Jeffrey Ardizon & Robert Suris, acted as the seller in this deal. Still Hunter of Walker & Dunlop served as the broker for the transaction, ensuring a smooth transfer of ownership.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,653,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$643,054.78
Cash-on-Cash Return-1.27%
Monthly Debt Service$858,032.34
Annual Debt Service$10,296,388.10
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